Crime Against Humanity: the Holy GAAP, 15

IAS 32, Financial instruments: presentation, covers a later point in the sequence: IAS 39 indicates whether something is a financial instrument, and, if it is, how it has to be measured, and then IAS 32 indicates how it is to be presented in the financial statement. IAS 32, Appendix, Application Guidance, paragraph AG2, confirms this: “AG2. The standard does not deal with the recognition or measurement of financial instruments. Requirements about the recognition and measurement of financial assets and financial liabilities are set out in IAS 39.”
Thus, its definitions are valid within IAS 39, and far as our money investigation is concerned are as follows:
“Definitions (see also paragraphs AG3−AG23), paragraph 11. The following terms are used in this standard with the meanings specified:
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability […] of another entity.
A financial asset is any asset that is: (a) cash; […] (c) a contractual right […] to receive cash […].
A financial liability is any liability that is: […] (a) a contractual obligation […] to deliver cash […].”
“Definitions (paragraphs 11−14), Financial assets and financial liabilities
AG3. Currency (cash) is a financial asset because it represents the medium of exchange and is therefore the basis on which all transactions are measured and recognised in financial statements. A deposit of cash with a bank or similar financial institution is a financial asset because it represents the contractual right of the depositor to obtain cash from the institution or to draw a cheque or similar instrument against the balance in favour of a creditor in payment of a financial liability.
AG4. Common examples of financial assets representing a contractual right to receive cash in the future and corresponding financial liabilities representing a contractual obligation to deliver cash in the future are: […] (c) loans receivable and payable […]. In each case, one party's contractual right to receive (or obligation to pay) cash is matched by the other party's corresponding obligation to pay (or right to receive).”